Cyprus-based Vassiliko Cement has reported a 17 per cent rise in cement sales to the domestic market in 2018. However, total income fell 4.4 per cent YoY to EUR97.9m from EUR102.4m. The company has attributed the result to a decline in cement exports, alongside a rise in the cost of energy and CO2 emission allowances.

Cyprus’ construction industry contracted between 2008-15. However, the last four years have seen a steady upward trend. In 2018 the company noted that cement sales reached 45 per cent of those in 2008, a significant improvement from 23 per cent in 2014. In 2019 sales are expected to meet 50 per cent of those in 2008.

Elsewhere, Vassiliko Cement announced that it reached 45 per cent alternative fuel substitution last year and also reduced CO2 emissions by 10 per cent.